Real Estate Mentors & Coaches – Reasons Why You Need Them
How important is it to find a mentor in real estate? What can mentorship really do for you? How do you pick the right real estate mentors?
What Is Mentorship?
Mentorship is the guidance received from, or relationship with someone who has more experience in a given industry, field or area.
This can take many forms today. It used to be the only way to learn a trade. It is still one of the most valuable ways to really gain more insight, skills and higher level of understanding.
Mentorship and coaching can be found in play with any and every highly successful career and company. This applies to CEOs and executives as well as startup entrepreneurs, athletes, musicians, artists, investors and finance and real estate professionals. Even Warren Buffett and Rockefeller had their mentors.
Why You Need a Real Estate Mentor or Coach
Mentorship has an incredible lineup of advantages. In many cases it is absolutely necessary for gaining the best understanding and approach to business and investment. We now have more access to information than ever before. Yet, this in itself can make it more challenging due to the vast amount of outdated information, fake news, and low quality resources which can often drown out the most accurate and valuable. In contrast, a truly great mentor can help you with what’s most useful.
With enough dedication, time and effort you can learn and master just about anything. You might even be able to do quit well for yourself, DIY style. Especially at the beginning. However, especially in real estate, there are a lot of pitfalls to avoid. Just one serious mistake and you can go bankrupt. At best you can spend many more years trying to get the same results, far less profitably. Real estate mentors can help avoid expensive mistakes and detours. They can help you preserve your reputation. They can help with avoiding early mistakes that will set you up for failure or sabotage your success later on. After all, there’s only one thing worse than never making it to the top. That’s losing it all just as fast for the sake of a few basic mistakes.
Reaching Your Full Potential
Real estate can be an incredibly profitable industry, even if you don’t become a top 10 percent player. Having slightly more time freedom and earning more than you have ever before is nice. Yet, it is far more important to reach your own personal full potential. Most individuals and businesses just don’t see it on their own. They don’t realize just how much they are capable of. Great real estate mentors are experts at helping to identify and achieve this.
Speed is important. Mentorship isn’t about overnight success, but it can help entrepreneurs and investors get to their goals and beyond, much faster. They do this by sharing their insights and experience of better and more efficient ways to do things, while avoiding the traps.
Real estate mentors are like copilots on your journey. It’s easy to have big ideas and dreams. It can be a completely different thing altogether to actually stick it out and keep going. There will be many days you second guess yourself, or run into challenges. Mentorship helps you to continuously improve, keep up momentum and keep going.
Types of Mentorship
There are a variety of forms of mentorship to choose from today.
Apprenticeships & Internships
This is the most classic way to find a mentor in real estate. Most don’t do it this way anymore. Yet, many of today’s most successful investors and fund managers are those that have chosen this path to learn and master it. Even Robert Kiyosaki has been one of those who saw the advantage in going to work in someone else’ business to learn the ropes, systems and best practices before launching similar businesses himself. If you don’t have much in the way of resources, but you have the time, this can be a great way to pack several decades of learning into a year or two. You may also be able to learn and earn at the same time using this strategy.
These are powerful groups where you can gain multiple real estate mentors in one sitting. These mastermind groups often comprise industry leaders, your peers and strategic partners.
One On One Real Estate Coaching
Personalized one on one coaching and mentoring is one of the best ways to get just the right guidance in the most efficient and powerful way. You may find this in a variety of formats including, phone, email or online video coaching. Or being able to fly out to, fly in top mentors to help you.
Quick Tips To Find A Mentor In Real Estate
There are lots of people and businesses who try to promote themselves as gurus or experts today. Focus on finding quality help and the right fit for you personally.
- How much experience do they really have?
- Are they still active in the field?
- What other experts associate themselves with this person?
- Are they both a good coach and practitioner?
- What access can they give you in addition to information?
- Is this someone you can look up to and aspire to achieve similar results?